ORLANDO—The Westin Imagine Hotel has traded for $34.5 million. ERGS WI Orlando REO purchased the property from a bank group using the name REDUS Imagine.
HFF marketed the 315-room Westin on behalf of the seller, which foreclosed on the property earlier this year. HFF senior managing director Daniel Peek, directors Max Comess, Michael Weinberg and Paul Hsu, and senior real estate analyst Cyrus Vazifdar led the charge.
“The Westin Imagine is a partially-sold condo hotel, so that makes it a unique transaction,” Peek tells GlobeSt.com. “With this structure, there are a lot of moving parts. You have to understand the restrictions, the rental management program and the market.”
The Westin Imagine is located adjacent to the Orange County Convention Center at 9501 Universal Boulevard. That’s close to Orlando’s theme parks and shopping destinations. Completed in 2008, the hotel features Fiorella’s Cucina Toscana restaurant, more than 7,000 square feet of meeting space, and resort-style pool and fitness amenities. The transaction also included a condominium-hotel component and approximately 24 acres of land surrounding the hotel.
“The hotel sold at a strong price for the market,” Peek says. “It’s a solid number. The price is a testament to the recovery of the Orlando market. We are still in the early innings of a recovery, and there is some new construction with the Four Seasons coming online. But the Westin is a great brand and this was a good buy.”
For legal counsel, the seller was represented by the Orlando office of Lowndes, Drosdick, Doster, Kantor & Reed. The buyer was represented by the Pittsburgh office of Eckert Seamans Cherin & Mellott and the Miami office of Greenberg Traurig.
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